Guaranty Trust Co. v. Commissioner
United States Board of Tax Appeals
Checks given by a husband to his wife under circumstances showing that the husband did not give up complete control over the money, held not valid gifts to the wife.
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Checks given by a husband to his wife under circumstances showing that the husband did not give up complete control over the money, held not valid gifts to the wife. Consequently loans to the husband of the same money by the wife as trustee under trusts created at husband's suggestion held not to be obligations contracted bona fide and for full consideration in money or money's worth so as to be deductible from his gross estate under section 303(a)(1) of the Revenue Act of 1926.
1Opinion of the Court
*920OPINION.
HarRon :
The sole question in this proceeding is whether the notes of Jonathan Peterson, deceased, given to his wife as trustee under several trusts were given bona fide and for full consideration in money’s worth so as to constitute obligations of his estate which are deductible from the gross estate within the provisions of section 303 (a) (1) of the Revenue Act of 1926, which is quoted in the margin.1 The facts have been set forth fully and under the circumstances which they describe the question before us must be determined by *921our conclusions with respect to whether the decedent,'…
2Cases cited11 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Beaver v. . BeaverNew York Court of Appeals · 1889
- In Re the Accounting of Van AlstyneNew York Court of Appeals · 1913
- In Re the Judicial Settlement of the Accounts of BolinNew York Court of Appeals · 1892
- Gannon v. . McGuireNew York Court of Appeals · 1899
6 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Woodward v. United StatesDistrict Court, N.D. Iowa · 1952
- Estate of Richards v. CommissionerUnited States Tax Court · 1943
- Guaranty Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- McKitterick v. CommissionerUnited States Board of Tax Appeals · 1940
1 more not listed; retrieve them via the Exa API.